Northwest Fur Co. began the year with $97,000 in merchandise inventory on hand. During the year, $445,000 in merchandise were purchased on account with a credit term of 1/15, n/45. All discounts were taken. Northwest paid freight charges of $7,000. Merchandise with an invoice amount of $4,600 was returned for credit. Cost of goods sold for the year was $378,000. What is ending inventory?